DOE Announces $9.63 Billion Loan to BlueOval SK to Further Expand US Manufacturing of Electric Vehicle Batteries

US-based BlueOval SK LLC received a $9.63 billion loan from the Department of Energy to construct three manufacturing plants in Tennessee and Kentucky for electric vehicle batteries. The project, a joint venture between Ford Motor Company and Korea’s SK On, aims to produce over 120 gigawatt hours of batteries annually, creating up to 7,500 jobs and supporting the US EV industry.